The Pacific Alliance Free Trade Agreement (FTA) will enter into force on May 1st, 2016 and benefit 92% of the national exportable supply through tariff preferences, Peru's Foreign Trade and Tourism Minister Magali Silva announced.
Such agreement aims to establish clear regulations and mutual benefits for member countries: Mexico, Colombia, Chile and Peru.
"The objective is to invigorate the expansion of the bloc's economies, as well as goods and services trade diversification […]," Silva indicated.
According to the official, the regional group will also support small- and medium-sized enterprises (SMEs) access into markets.
In this sense, the portfolio organized the seminar titled "Development and Internationalization of SMEs and Trade Facilitation within the framework of the Pacific Alliance."
This event gathered observer nations from Latin America and the Caribbean: Costa Rica, El Salvador, Guatemala, Honduras, Panama, Paraguay, Trinidad and Tobago and Uruguay, as well as representatives from Pacific Alliance's member countries.
The bloc promotes the free transit of capitals, services and people, as well as cooperation within the region.